Mainland developer Shanghai Forte Land said it would increase its sales target this year after interim profit soared 696.8% from a year earlier.

Net profit for the six months to June was 287 million yuan (HK$325.6m), while revenue surged 93.9% to two billion yuan thanks to rising home sales amid feverish demand on the mainland.

With a land bank of 7.7m square metres in 11 cities, the firm is aiming for contract sales of 680,000 sqmetres this year, up from a target of 625,000 sqmetres set in March.

South China Morning Post